BM6005 Enterprise: Final Individual Concept Document

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BM6005 Enterprise: Assignment 1: Final Individual Concept
Document
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Table of Contents
Introduction................................................................................................................................3
Original business concept..........................................................................................................4
Peer group reflection..................................................................................................................7
Concept improvement reiteration...............................................................................................9
Conclusion................................................................................................................................13
Reference list............................................................................................................................14
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Introduction
Pet caring business is a billion dollar industry, which is constantly on rise, as more and more
number of individuals is seeking to have pets at their home. The study includes an in-depth
discussion of original business plan, which has been developed considering the demand for
different products and services in the United Kingdom. Considering this fact and opportunity,
it is evident that there is high need and requirement for different and best quality services in
the industry, as most couples have long working hours and number of single individuals
having pets are increasing. According to the research and studies, it has been revealed that
individuals having pets treat it like their children; therefore, they do not want to leave their
companion animals alone. Along with this, starting a pet caring business can be high in
profits as it allows hanging out and playing with more number of animals.
The study includes discussion about different group feedbacks, which have been collected in
order to gain more perspective about the business plan developed. Acknowledging the
feedbacks and opinions made in the group discussion, reiteration of the business plan has
been made, which refers to a revised business plan.
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Original business concept
The decided business plan will have a unique name called, Cute Paws House, including
services for both dogs and cats. The objective of the business will be to provide services to
pet owners, individuals who highly care for their pets and desire to provide their pets with the
best quality care while they are at work (Pfma.org.uk, 2019). The facility will provide day
care services, which will include fun and safe dog proof creche for dogs to play, learn and
relax (Tottey, 2016). The vicinity that has been selected for the development of the business
is New Cross, London. The services will be provided under the supervision of qualified and
certificated dog trainer.
Key partners
While starting the business, developing key partners will be an important aspect that will be
considered in order to build strong networks. This is the most crucial aspect that will help to
sustain business, provide quality services and make use of quality products at affordable
prices. The proposed company will build networks with professional trainers in order to make
sure that best trainers are available.
Key activities
This is the actual aspect that will be implemented as per the set strategies and goals of the
company. At day care services, the trainers will handle dogs through positive training
methods and techniques. They will make sure that dogs and cats are promoted to follow good
manners with a well-structured plan throughout the day. Owners of their pet can watch their
pet play through a LIVE web camera (Alokhina, 2016).
Value propositions
Innovative, but simple services will be developed to attract more number of customers
towards the company. The most important aspect that will be taken care will be to build trust
and reputation in the market. For this aspect, individuals will be provided LIVE camera
facility so that they can watch their companion animal play and having fun all day. Along
with this, only the best trainers will be selected to provide services at Cute Paws House.
Customer relationships
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Developing strong customer relationships is another feature that needs to be taken care of
while doing business. This success ration of the business plan highly depends upon the
perception of customers and the points they communicate about the company to their loved
ones. Therefore, regular meet-ups with customers will be planned, they will be provided with
the best solutions regarding handling their pets from the trained professionals. Customer
services will be developed so that individuals can contact the company any time regarding
any information about their pet.
Customer segment
Cute Paws House will target all working couples and single individuals living near the
company, New Cross, London, England. Mostly, individuals who own pets, however, they
are concerned or involved with their busy job schedules all day will be targeted in order to
increase the sales and revenue (businesswire.com, 2016). Along with this, customer segment
will be diversified with social media and other online platforms, which will help to increase
awareness about the company.
Channels
This involves the aspect related to the procedure for reaching out to customers, and delivering
the service in an effective manner. This will mainly involve design and development of large
banners and billboards of the Cute Paws House. Along with this, social networking sites will
be used (Tuten, and Mintu-Wimsatt, 2018).
Key resources
This is the most important aspect that will be required before starting the business. The
business plan includes the development of day care service and training centre at 9,500 sq ft,
which would become a pure pup paradise. The indoor space will include custom fit non-slip
rubber, games and nap room will be build, dog play towers, heated waterbed and platforms
for playing will be build. During the initial set-up, lot of capital and funds will be required.
Cost structure
Effective management methods will be used to keep track of the overall costs, including the
salaries paid to trainers, cost of setting up of business and other associated expenses. Cost for
providing food to dogs and cats will be considered (Hopkins, 2015).
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Revenue streams
This is the important part of the business, as it aims to generate positive cash flow at the end
of every month, after excluding all necessary costs and expenses. The business model will
include setting up online payment methods so that the customers are able to send payments
efficiently. The pricing strategy adapted will be kept economical so that maximum customers
are willing to purchase the service on a daily basis (Ritter, and Lettl, 2018).
Key Partners
 Pet trainers
organisatio
n
Key Activities
 Professional
methods and
techniques for
teaching good
manners
 Play and fun
activities
Value
Propositions
 LIVE web
camera
 Best
trainers
with high
experience
Customer
Relationships
 Efficient
Customer
services
 Online forums
for contacting
and making
reservations
Customer
Segments
 Mainly
single
individual
s and
working
couples
Key Resources
 Development
of website
 Training centre
of 9500 sq ft
 Heated
waterbed, play
platforms and
dog towers
Channels
 Extensive use
of social
networking
sites
 Development
of banners and
billboards
Cost Structure
 Keeping track of all expenses
 Salaries paid to trainers
Revenue Streams
 Economic pricing strategy
 Online payment methods
Table 1: Business Model Canvas
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(Source: Created by the Learner)
Peer group reflection
The peer group reflection is the best strategy for making changes and realising different
aspects of the business plan, which may have been missed in the first place. The motive of
taking feedbacks from the peer group is to undertake their perception and opinions on the
matter, the strategies used and the subject of the study. This way collecting the valuable
inputs of others can help to analyse the business plan in a more extensive manner, which will
help to build an effective business plan. Although, the industry has high growth aspects in the
United Kingdom, however, in order to build trust and reputation right from the beginning,
this is the right concept and approach of building a successful business (Olson et al., 2018).
In order to complete this aspect, peer group with several individuals were selected, where I
was asked to present my business plan and idea, in detail, including the process that will be
followed to set up the business, selection of various funding sources and the strategies
developed for control and implementation. My entire motive behind this activity or exercise
was to gain different opinions and outlook, especially of my friends, thereby make necessary
adjustments and modifications.
During the initial process, when I presented the idea of setting up a pet care business, I was
highly applauded, as it was a unique and completely different path from the rest of the
business plan represented during the meeting. While progressing into the details of the
business plan, several questions were raised on the cost structure, development of key
partnerships, key activities that will be carried out in the training centre and few others as
well. I tried my best to explain and present my idea and opinion in a lucid manner to the
entire group. The group members also provided their valuable feedbacks on the business
model canvas, which was crucial for me, as several key features and points were pointed out
that, were missing in the initial stage.
After completing the entire review of the business model canvas, group members helped me
by realising and identifying new elements that can be added and adjusted into the business
model canvas in order to enhance the overall picture. These reviews and opinions on the
development of value position helped me to enhance different areas of my business
operations and approaches that will be beneficial for achieving the key business objectives.
The scope and scale of growth opportunities of the business idea was immensely validated by
the different group members. As per the statistics and figures of UK, pet caring services
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market is considered to have high potential in coming future, due to more number of positive
trends favouring the business plan.
Selection of appropriate resources for providing services and the strategy developed for
establishing channels were pointed to be apt for providing the best quality services. Different
feedbacks on nine elements of business canvas model have been provided below:
While considering the aspect of key partners, group members have decided that the strong
links with the training centres that will provide experienced trainers for handling and
managing animals is the necessary part. Another aspect pointed was to develop key
partnerships with pet clinics and professionals so that these services can also be included.
This will attract more customers and ensure that they are highly satisfied. The group
members pointed out that key partnership with clinics will also help to create awareness and
reach out to more number of customers, this way the value proposition or quality of the
service can be enhanced to greater degree.
The group members also reviewed the field of customer relationships, which was considered
to be suitable as per the business plan. However, few suggestions were made about this
aspect, which included the development of applications as more and more customers tend to
be regular customers. Along with this, the feature of discounts and exciting deals for regular
customers need to be developed. In addition, the provision of birthday celebration of pets can
be made and feedbacks from the pet owners, after the completion of service should be taken.
Major criticism was raised on the matter associated with the strategies used for
communicating the message and creating awareness about the company in the near vicinity.
The group members criticised the fact that the communication channels were highly
concentrated to the use of social media sites and other online forums. Therefore, they
suggested that the use of traditional media should also be included to target customers in the
near vicinity. Television and advertisements on newspapers will also help to propel the
business prospects by creating high popularity and awareness in the local public.
Along with this, the members of the committee also pointed that more thought and
consideration should be applied on broadening the customer segmentation, in order to
increase the customer base and develop more targeted promotional material.
Another feedback from the group members included the aspect I should make changes in the
revenue stream of the company if I intend to sustain the business in an increasing competitive
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market. The members suggested that I should adopt competitive pricing strategy in order to
gain customer attention. The point that one of the member revealed was that making the
services highly cheap and affordable would have negative blow on sustaining the business.
After reviewing all the comments and feedbacks of the group members, I decided to make a
list of the points that I found to be relevant and necessary in enhancing business prospects. I
realised that all the comments and feedbacks of the group members were apt and suitable.
Along with this, I identified that making these changes and alterations in the value
proposition of the business plan will increase the core competency of my company and
enable it to stand as a strong competitor among the rivals existing in the market.
Concept improvement reiteration
After acknowledging and identifying the various aspects of the business plan, which, require
modifications and changes in order to build a superior business plan, has been identified in
the section below. As per the above analysis and findings, five areas have been identified that
require changes, including customer segment, channels, revenue stream, customer
relationships and key partners. However, after personal analysis and findings, it was
concluded that making all changes and modifications is not feasible, which helped to
conclude that only those areas or elements need to be considered that will have high positive
impact and be easier to implement (Kavin, 2016).
Customer segment
During the group members suggested to broaden the customer segmentation in order to build
wider customer base, and increase the outlook of targeted customers. However, after
realisation and considering every fact, it was realised that making changes in this field will
not reap as much benefits and positive impact over the business, in comparison to the effort
and time, it may involve (Taylor et al., 2015). Therefore, it has been realised, finally, that
these suggestions and modifications recommended by the group members will not be
executed, as it is not feasible.
Channels
Changes suggested in this field are feasible and, as far as, taken into consideration it is being
considered to generate positive aspects for the business. Although, it was realised that
following the suggestions of group members to focus on the development of promotional
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material for television, newspapers and other traditional methods as well, however,
considering this feature will increase the overall cost of setting up of business. According to
personal analysis, it was identified as a necessary strategy that must be implemented to
achieve specific goals (Gilchrist, 2018). Therefore, investing in traditional methods for
promotion of business will be carried out.
Revenue stream
The suggestion recommended by the group members regarding this aspect has made several
new revelations and allowed to move towards new path. The important area that has been
realised is that selecting competitive strategy will enable the business to make good financial
returns, thereby, increase the chances to build a successful company. However, another area
that will need to be changed is that the quality of services, infrastructure and the location of
the company will have to be improved considerably to charge competitive prices. As far as
the benefit and impact of the strategy on the business is considered, it has been identified that
implementing this change can be fruitful for the company and, it may result in higher brand
value and reputation (Liu, and Atuahene-Gima, 2018). Competitive pricing strategy is a
feasible strategy for boosting the business prospects.
Customer relationships
Suggestions regarding this aspect include the development of strategy to offer discounts and
exciting deals to regular customers in order to ensure that they do opt for other pet caring
centres. Along with this, the idea of birthday celebration of pets and offering free spa is not a
feasible strategy, as far as, its benefit on the business is considered (Gerrard, 2015). Offering
such additional value added services will increase the overall costs by a great extent.
Therefore, after consideration of all the factors it can be concluded that offering discounts to
regular customers is feasible, however, including, additional services will not be a feasible
strategy (Kumar, and Reinartz, 2018).
Key partners
This is the most important aspect of the entire business, as strategically favourable business
partnerships will help the company Cute Paws House to grow at an exponential rate and build
its stronger bond with customers. Suggestions made by the group members regarding the
partnerships with medical clinics for pets will be highly beneficial for the company, as the
customers will be able to receive solutions on medical aspects as well. This will increase the
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goodwill of the company and help build stronger reputation. Therefore, it has been finalised
that this feature or partnership will be incorporated in the business canvas model.
Key Partners
 Pet trainers
organisatio
n
 Medical
clinics for
pets
Key Activities
 Professional
methods and
techniques for
teaching good
manners
 Play and fun
activities
Value
Propositions
 LIVE web
camera
 Best
trainers
with high
experience
Customer
Relationships
 Efficient
Customer
services
 Online forums
for contacting
and making
reservations
 Offering
discounts and
exciting deals
to regular
customers
Customer
Segments
 Mainly
single
individual
s and
working
couples
Key Resources
 Development
of website
 Training centre
of 9500 sq ft
 Heated
waterbed, play
platforms and
dog towers
Channels
 Extensive use
of social
networking
sites
 Development
of banners and
billboards
 Extensive use
of traditional
methods such
as television
and newspaper
advertisements
Cost Structure Revenue Streams
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 Keeping track of all expenses
 Salaries paid to trainers  Competitive pricing strategy
 Online payment methods
Table 2: Modified Business Model Canvas
(Source: Created by the Learner)
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